The team at Binance is pleased to announce that they have officially joined the FIDO Alliance, which is described as one of the most “influential” and largest associations focused on developing passwordless authentication standards.
Binance says they are committed to providing their users “with the highest level of security and convenience as a member of this prestigious alliance.”
As noted in the update, Binance is also pleased to announce that the firm will soon “integrate passkeys to enhance security on their platform.”
Passkeys are “based on FIDO standards and act as strong, phishing-resistant password replacements.”
With passkeys, a user can quickly and safely “sign in across multiple sites, apps, and devices with local biometric authorization.”
Binance will offer users “a more secure and streamlined experience using passkeys on their platform without compromising on security.”
Passkeys will be a valuable addition to their existing security features, “which include multi-factor authentication (MFA) and multi-signature technology.”
They aim to provide their users “with the best trading experience while keeping their assets safe and secure.”
As mentioned in a blog post, FIDO membership and upcoming passkeys implementation will enhance users’ trust and confidence “when using Binance services.”
In the crypto world, this is incredibly important “as we demonstrate its growing maturity.”
The firm added that they have “set the foundations for improving users’ experience on Binance, so stay tuned for more updates as we improve our platform’s security and functionality.”
As covered recently, the Commodity Futures Trading Commission (CFTC) has filed charges against Binance, founder and CEO Changpeng Zhao (known as CZ), and former Chief Compliance Officer Samuel Lim with “numerous violations” of the Commodity Exchange Act (CEA) and other regulations.
Filed in the U.S. District Court for the Northern District of Illinois, the civil enforcement complaint charges that Binance Holdings Limited, Binance Holdings (IE) Limited, and Binance (Services) Holdings Limited operate the Binance digital asset trading platform, along with numerous other corporate vehicles through an “intentionally opaque common enterprise.”